(DENVER) — Quiznos, based in Denver, has filed for bankruptcy, after reports two weeks ago that the company was considering a Chapter 11 filing.
The sandwich chain says it hopes to reduce its debt by over $400 million.
The chain has closed thousands of Quiznos franchisee locations in the last few years.
It still has about 2,100 locations. That’s compared to Subway’s 41,391 restaurants in 104 countries, according to Subway’s website.
Copyright 2014 ABC News Radio
Madison Park, Keith Allen and Andreas Preuss, CNN